Things That Can Affect Your Aid

Franklin University Return of Title IV Funds Policy
Due to federal regulations, students who receive federal financial aid and completely or partially withdraw during a trimester will be subject to a recalculation of funds awarded. The outcome of the recalculation is dependent on when the withdrawal is initiated and the type of aid received.

Franklin University is required to review a student’s account and recalculate financial aid eligibility in the following situations:

• A student completely withdrawals from all classes during the trimester, or;
• A student never attends any classes during the trimester, or;
• A student does not complete all modules for which he/she has registered during the trimester

What is the law?
Per section 668.22 if the Code of Federal Regulations, Title IV federal financial aid eligibility will be reviewed and considered for recalculation when a student withdrawals from any of his or her classes within a term that is comprised of modules.

After the recalculation is completed funds will be sent back to the appropriate Title IV agency in the following order: Unsubsidized Federal Direct Stafford Loans, Subsidized Federal Direct Stafford Loans, Federal PLUS Loans, Federal Pell Grant, Federal SEO Grant, Federal IAS Grant and other grant or loan assistance authorized by Title IV. Federal Work Study funds are not included in the calculation.

What is a withdrawal?
It is important to become familiar with the University’s Attendance & Tuition Refund Policy in the Academic Bulletin.  The Financial Aid office is responsible for reporting in the calculation the last date of attendance as determined by the institution from its attendance records (§668.22(b)(1)).

PLEASE NOTE:  A withdrawal from all or any of your courses could result in a negative effect on your Satisfactory Academic Progress.  Please view the section on Standards of Academic Progress (SAP) for Financial Aid located on this page.

Confirmation of future enrollment will prevent the recalculation process to be initiated. If a student decides that dropping a single course during the term is necessary, but expects on completing all subsequent module courses during the same trimester, they will be given the option to confirm that intention at the time of withdrawal. Without a documented confirmation by the student Franklin University will assume that the student has ceased attendance and will begin the Return of Title IV funds process.

If you never attend or cease attendance in a class and receive a Z grade, your financial aid will be reviewed resulting in either full or partial cancelation of federal funds. If there is any combination of dropped/withdrawn courses, Z grades or No Shows received that result in zero hours of enrollment for a term, your file will be reviewed in conjunction with the Return of Title IV funds calculation procedures.

How is my account affected?
The federal recalculation of aid is determined on a pro-rated basis, taking into consideration the actual number of days that a student is in attendance. You will not be required to return any portion of your federal financial aid if you complete at least 60% of the term (as determined by your last date of attendance reported by your instructor(s)). State regulations and scholarship criteria differ from federal requirements, therefore those funds will be reviewed separately.

Once the recalculation is completed you will receive notification of any action to your account. If the recalculation indicates that you are eligible for a Post Withdrawal Disbursement (PWD) in the form of loan funds, you are required to submit the requested documentation within 14 days from the date of the notice or funds will not be disbursed to your account. Eligible grant funds from a PWD will automatically disburse to your Franklin University account and either be refunded to you or will pay on any remaining balance owed to the University.

If the calculation indicates that you will owe funds back, the Financial Aid office will return the funds to the appropriate Title IV program and you will then owe any difference as reported on your account. If you fail to repay any outstanding balance owed to the University you will not be permitted to register for any future terms and may also be subject to being dropped from current courses.

2012-13 Return of Title IV Funds Calculation Example - this example is not indicative of every situation.  Each Return of Title IV Funds Calculation determination is dependent on individual student circumstances.

Failure to disclose information regarding external sources of assistance with paying your tuition prior to receiving your financial aid could cause an adjustment to your financial aid later. You may have to pay back a portion of the funds you received. 

If you expect to receive any outside assistance, complete the appropriate year Declaration of Outside Tuition Assistance Form located on our Financial Aid Forms page.

When current students withdraw from one or more courses, they are refunded a percentage of the tuition according to the following table, which applies to students residing in locations other than Indiana, Kansas, Iowa, Virginia, and Wisconsin.

When current students withdraw from one or more courses, they are refunded a percentage of the tuition according to the following table, which applies to students residing in Indiana.

Indiana Residents Refund Policy

The postsecondary proprietary educational institution shall pay a refund to the student in the amount calculated under the refund policy  specified in this section or as otherwise approved by the commission.  The institution must make the proper refund no later than thirty-one  (31) days of the student’s request for cancellation or withdrawal.

The following refund policy applies to each resident postsecondary  proprietary educational institution, except as noted in section 4.5 of  this rule:

1. A student is entitled to a full refund if one (1)or more of the following criteria are met:

• The student cancels the enrollment agreement or enrollment application within six (6) business days after signing.
• The student does not meet the postsecondary proprietary educational institution’s minimum admission requirements.
• The student’s enrollment was procured as a result of a misrepresentation in the written materials utilized by the postsecondary proprietary educational institution.
• If the student has not visited the postsecondary educational  institution prior to enrollment, and, upon touring the institution or  attending the regularly scheduled orientation/classes, the student  withdrew from the program within three (3) days.

2. A student withdrawing from an instructional program, after starting the instructional program at a postsecondary proprietary  institution and attending one (1) week or less, is entitled to a refund  of ninety percent (90%) of the cost of the financial obligation, less an application enrollment fee of ten percent (10%) of the total tuition,  not to exceed one hundred dollars ($100).

3. A student withdrawing from an instructional program, after attending more than one (1) week but equal to or less than twenty-five  percent (25%) of the duration of the instructional program, is entitled  to a refund of seventy-five percent (75%) of the cost of the financial  obligation, less an application/enrollment fee of ten percent (10%) of  the total tuition, not to exceed one hundred dollars ($100).

4. A student withdrawing from an instructional program, after  attending more than twenty-five percent (25%) but equal to or less than  fifty percent (50%) of the duration of the instructional program, is  entitled to a refund of fifty percent (50%) of the cost of the financial obligation, less an application/enrollment fee of ten percent (10%) of  the total tuition, not to exceed one hundred dollars ($100).

5. A student withdrawing from an instructional program, after  attending more than fifty percent (50%) but equal to or less than sixty  percent (60%) of the duration of the instructional program, is entitled to a refund of forty percent (40%) of the cost of the financial  obligation, less an application/enrollment fee of ten percent (10%) of  the total tuition, not to exceed one hundred dollars ($100).

6. A student withdrawing from an institutional program, after attending more than sixty percent (60%) of the duration of the  instructional program, is not entitled to a refund.

When current students withdraw from one or more courses, they are refunded a percentage of the tuition according to the following table, which applies to students residing in Kansas.

When current students withdraw from one or more courses, they are refunded a percentage of the tuition according to the following table, which applies to students residing in Iowa.

When current students withdraw from one or more courses, they are refunded a percentage of the tuition according to the following table, which applies to students residing in Virginia.

When current students withdraw from one or more courses, they are refunded a percentage of the tuition according to the following table, which applies to students residing in Wisconsin.